If you’ve been considering selling your home then now may be a perfect time. House prices are currently at an all-time high with the average home selling for £286,397 according to the most recent data.
When it comes to selling a home, getting the most money out of the deal is always at the forefront of anyone’s mind.
This leads to people looking for the best ways to approach the sale including finding estate agents that only take a small cut of the deal or finding the cheapest solicitors to navigate the sale. One other way that more money can be made when selling a home, however, is by renovating it before putting it on the market.
Whilst this may seem like a good idea on paper, it begs the question as to whether it will increase the price of your home enough to be worthwhile.
To help, we’ll go through the pros and cons of renovating your home as well as discuss the renovations that add the most value to a house. Read on to find out more.
What are the pros of renovating?
When enhancing your home, it is inevitably going to add value. If you’re increasing the size of a room or updating it with modern features, the house will be more appealing to buyers. This results in a higher purchase price.
Homes sell based on their size as well as several other factors and so when you add more space into the home, it will drive the value up.
A home that is filled with new and exciting features like a new kitchen or loft conversion will be more sought after. This is because there will be little for the new buyers to do when they move in which is a desirable factor to have when selling a home.
What are the cons of renovating?
By the time you’ve planned, purchased materials and paid tradespeople to complete the renovation, the cost may well exceed how much your house is worth after it is completed. Some people may try to DIY the project to save some money. If this is the case then all tools used from drills to plug sockets sets must be of the highest quality to guarantee success.
Renovations don’t happen overnight with some taking up to 6 months to complete. The time taken to complete this renovation may lead to changes in the housing market which could see your house value fall.
What changes should you make?
If you do decide to go through with your renovation, here are the best options for increasing the value of your home:
- Bathroom Renovation
- Kitchen Renovation
- Window Replacements